Pound (GBP) slips in absence of data
The pound (GBP) weakened yesterday as the ongoing lack of UK economic data left Sterling vulnerable to losses.
In the absence of any data or events to support GBP, the currency fell against its stronger peers.
With market-moving UK data still in short supply today, Sterling could struggle to attract support.
Euro (EUR) mixed despite upbeat data
The euro (EUR) traded without a clear direction yesterday, despite some positive economic data from the Eurozone.
Unemployment in the bloc fell to a record low of 6.4% in April, while economic sentiment improved in May. Despite this, the single currency failed to post notable gains.
The focus today for EUR investors will undoubtedly be the Eurozone’s latest consumer price index. If inflation accelerated in May, as expected, the euro could strengthen.
US dollar (USD) slides as GDP growth slows
The US dollar (USD) fell yesterday as a downwardly revised GDP growth rate for the first quarter piled pressure on USD.
In the first three months of 2024 the US economy expanded by 1.3%, less than the initial estimate of 1.6% and a significant slowdown from 3.4% in the previous quarter.
This afternoon, the US core PCE price index – the Federal Reserve’s preferred measure of inflation – could boost USD, if it held at 2.8% in April.
Canadian dollar (CAD) wavers alongside oil
The crude-linked Canadian dollar (CAD) fluctuated yesterday as choppy oil prices and a lack of Canadian data infused CAD with volatility.
Canada’s GDP growth rate for the first quarter of the year could boost CAD later today. Forecasters expect Canadian economic growth to have accelerated at the start of 2024.
Australian dollar (AUD) uncertain amid mixed market mood
The Australian dollar (AUD) traded in a wide range overnight, as a lack of Australian data and a mixed market mood left the ‘Aussie’ to move without a clear direction.
New Zealand dollar (NZD) fluctuates as risk appetite shifts
The risk-sensitive New Zealand dollar (NZD) also lacked a clear direction last night as market sentiment shifted.